3 ways work experience outsmarts formal education for professional development – McKinsey

In this episode of the Smart Consulting Sourcing podcast, your host, Helene, dives into a topic that's essential but often misunderstood in the world of consulting: the cost of revenue.

Think of it like the Cost of Goods Sold in other industries, but instead of physical products, we're talking about the brainpower, time, and expertise of consultants. So, the cost of revenue covers everything it takes to get those brilliant minds working on your project.

We're delving into what exactly makes consulting firms financially tick. Is the cost structure as straightforward as it seems? What's the formula for profitability here? And most importantly, what's truly crucial in negotiations—is it focusing on the consultants' margin, or is it the measurable value you get from their expertise?

Understanding these inner workings can give you a real edge in negotiating consulting fees effectively. Don't miss out on this insightful discussion!

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When embarking on a new project, finding the right fee structure can significantly enhance your company's value. The optimal approach depends on factors such as the project's essence, the nature of deliverables, the surrounding context, and your flexibility with fees, along with the level of commitment you seek from your consulting partner.

Value-sharing emerges as a strategic choice when aiming for high expectations, expecting consultants to exceed standard norms. This model is particularly beneficial for certain types of projects, clients and consulting firms. However, it also comes with its challenges. Success with this model hinges on clear objectives, effective communication, and mutual trust between clients and consultants.

In this episode of the Smart Consulting Sourcing podcast, Helene explores these questions and more. Tune in for valuable insights.


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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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In an era where strategic procurement is paramount to organizational success, mastering the art of negotiation becomes a cornerstone for achieving optimal outcomes. Our upcoming webinar will focus on how organizations can effectively use pricing benchmarks to enhance their negotiation strategies in procurement, particularly in the realm of consulting services. It will offer insights into the art and science of negotiation, grounded in robust pricing data.

At its core, this webinar delves into the symbiotic relationship between pricing benchmarks and negotiation strategies. We understand that negotiating contracts for consulting services requires a unique set of skills and a nuanced understanding of market dynamics. Therefore, the webinar will illuminate how organizations can harness pricing benchmarks as powerful tools to enhance their negotiation prowess.

Participants can expect an immersive exploration of both the art and science of negotiation. We will unravel the psychology behind successful negotiations, examining how to build rapport, identify common ground, and create win-win scenarios. Our expert presenters will draw on real-world examples to illustrate the application of negotiation principles, providing practical insights that can be immediately implemented in your procurement endeavours.

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You might think that figuring out how much a consulting project will cost is as simple as picking a price tag off a shelf. But in reality, it's much more complicated than that. Even when fee structures are clearly laid out, two projects that seem identical on paper can end up with very different cost estimates. Why does this happen? Well, there are a lot of different factors that affect the final number you see on a proposal.

Today, we're going to really dig into what influences consulting fees, going beyond just the basics. In today's episode of Smart Consulting Sourcing, aptly titled "Decoding Consulting Prices," your favorite host, Helene delves deep into the heart of what truly shapes consulting fees, providing invaluable insights for both seasoned professionals and newcomers alike.

Helene gives listeners the information and tools they need to make smart choices when hiring consulting services. In an industry where getting good value is really important, knowing what's really behind the numbers isn't just a skill—it's a big advantage. So, don’t miss the episode. Tune in.


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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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In the world of business, consulting services play a pivotal role in shaping strategies, driving innovation, and solving complex problems. However, the question of how to negotiate win-win deal with consultants while ensuring value remains a constant challenge for clients.

In this episode of Smart Consulting Sourcing podcast, your favorite host Helene delves deep into this issue, exploring various pricing models and their implications. Tune in.


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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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Stepping into the consulting market can feel like navigating a labyrinth. With a myriad of firms boasting various services, it's easy to feel overwhelmed. But fear not, dear listeners, for in today's episode of Smart Consulting Sourcing podcast, we're diving headfirst into the depths of asymmetrical information and emerging victorious.

Picture this: you're faced with a sea of consulting firms, each vying for your attention with promises of excellence. How do you separate the wheat from the chaff? Helene, your trusty host, is here to guide you through the fog of uncertainty.

It all starts with knowledge. But knowledge alone isn't enough. It's about leveraging that knowledge to your advantage. And let's not forget the importance of performance measurement. Armed with these weapons, you'll navigate the maze of asymmetrical information with confidence and emerge victorious on the other side. Tune in to Smart Consulting Sourcing Podcast for more insights and inspiration on your path to success.


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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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Asymmetrical information isn't just an abstract concept relegated to economics textbooks; it's a pivotal notion that shapes real-world market dynamics. Join your trusted host, Helene, on the latest episode of the Smart Consulting Sourcing podcast, where we delve deep into the application of this theory in the realm of consulting procurement.

Discover how the disparity in information can tilt the playing field, leading clients to either overspend on unnecessary services or fall short of their desired outcomes due to underspending. In an ever-evolving landscape of consulting procurement, where decisions can make or break strategic endeavors, it's imperative for clients to navigate through the haze of asymmetrical information.

Tune in to gain invaluable insights into overcoming this obstacle and making informed choices that drive operational excellence amidst the complexities of consulting procurement.


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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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In the fast-paced world of business, organizations often turn to consulting services to navigate complex challenges, drive innovation, and achieve strategic goals. Yet, amidst the myriad of consultants and projects, how can businesses ensure they are truly maximizing the value of these engagements?

Navigating the complexity of evaluating consulting value requires more than just a casual approach. It calls for a combination of strategic planning, structured evaluation, and a commitment to continuous improvement. Join us on this episode of our Smar Consulting Sourcing podcast as we embark on this thrilling expedition. Delve into expert insights, uncover practical tips, and unearth hidden strategies. Tune in.


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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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Trusting the consultants involved in your projects can transform the entire consulting experience, making it smoother, more collaborative, and ultimately ensuring the effective application of recommendations. But why does trust wield such immense power in consulting?

Join your favorite host, Helene, on the Smart Consulting Sourcing Podcast, as she delves deep into the captivating psychology of trust. Explore topics ranging from the pivotal Importance of Trust in Consulting to strategies for identifying consultants you can rely on.

Discover the role of emotional connections and interpersonal relations in project success, and embark on a fascinating exploration of human psychology as the ultimate key to unlocking success. Trust us, you won't want to miss this enlightening episode. Tune in now!

Podcast Episode ft. Adam Waytz, an Associate Professor of Management and Organizations at the Kellogg School of Management.
👉 https://www.kellogg.northwestern.edu/trust-project/videos/waytz-ep-1.aspx

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If you are a professional in consulting and are looking to level up and learn more about the industry, visit the Consulting Quest website at: https://consultingquest.com

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